Download This PaperGlobal Cooperation, Fiscal, Monetary Policies and the Way Forward: How the Current Pandemic Has Been Impacted by Globalization
Centre for Innovation and Sustainable Development Economic Review April 2020
15 Pages Posted: 26 Apr 2020
Date Written: April 23, 2020
Abstract
Even though it is evident that international and global cooperation will be required to overcome this ongoing pandemic, to what extent will such cooperation feature and be relied upon in future negotiations? Trust and confidence in certain relationships and partnerships may, it could be argued, have contributed to an underestimation and severity of the devastating consequences of recent global developments.
After all, if as rightly argued by some, that there had been sufficient time to respond to the current pandemic, why were insufficient safeguards and measures in place – even in the most advanced economies? Why have other major and advanced economies not been impacted in the same manner and extent? Whilst social differences and medical facilities may have played a part, readiness and swiftness in responses have also played their part. Perhaps such economies have learned over the years, that whilst partnerships are important, it is equally important not to under estimate the severity and consequences of impending crisis – particularly where such a crisis had affected or probably originated from another partner. More importantly, however will be the consequences for others in an intricately linked economic bloc, and therefore the need to provide adequate and timely support to mitigate those consequences before they begin to manifest.
Keywords: Globalization, fiscal, monetary policies, supply chains, stability mechanism, interest rates, trust, confidence
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